Bitcoin's recent correction and retracement of gains linked to BlackRock's BTC ETF application indicate weakness in the market, prompting one crypto trader to stay on the sidelines until Bitcoin either reclaims $30,000 or experiences a major collapse, while also noting that trader sentiment currently favors altcoins.
Bitcoin and altcoins are currently in a ranging market, with uncertainty about the next directional move, making it advisable to wait for a breakout before placing large bets.
XRP's trade volume has surged on top crypto exchanges, despite its recent decline in price, while other altcoins are struggling to reach their yearly high trade volumes.
The recent downturn in the cryptocurrency market has led to the liquidation of long positions and a decrease in market capitalization, but five undervalued cryptocurrencies trading below $0.1, including VeChain (VET), SNM (SONM), MVL (MVL), Dogecoin (DOGE), and Hedera (HBAR), have the potential for a rebound in the future.
Following Bitcoin's recent price fluctuations and failure to meet short-term bullish expectations, the altcoin market is expected to have a substantial recovery rally in the coming week, with Ethereum, Litecoin, and Shiba Inu potentially leading the way.
The cryptocurrency market has experienced a recent decline in prices, particularly for Bitcoin, Ethereum, and Dogecoin, leading to concerns among traders and investors. Despite this, there is optimism surrounding the performance of the top 5 altcoins (DOGE, SHIB, SFP, OCEAN, FET) in the coming weeks, with AI-driven projects generating hype and potential gains.
Crypto analyst Ben Armstrong recommends XRP, Chainlink, and Dogecoin as the top three altcoins to accumulate during a market downturn, citing their strong potential and future prospects.
Crypto analyst Michaël van de Poppe suggests that altcoins, including Ethereum, are following a historical pattern before Bitcoin halving events, indicating a potential bullish move in the market.
Crypto analyst Nicholas Merten warns that the altcoin market could lose $60 billion, with Ethereum failing to break above $2,000, indicating a bearish pattern, and he plans to short Bitcoin as well.
Five altcoins, including DODO, MASK, MAGIC, GALA, and SRM, are identified by Santiment as having potential for significant growth based on their current market conditions.
The top crypto exchanges in the world are dominating the market, with the eight largest platforms accounting for over 91% of market depth and 89% of trading volume, according to crypto insights firm Kaiko. Binance remains the leading exchange, with a market share of 64.3% in 2023, but liquidity is concentrated within a few exchanges, leading to concerns about decentralization. Altcoin liquidity has also suffered due to regulatory issues in the US, with Coinbase, Kraken, and Bitstamp holding the majority of altcoin liquidity.
Crypto investors are discussing their favorite altcoins that have the potential to make them "incredibly rich," with coins like DeFiChain, Solana, Shiba Inu, and Ethereum being mentioned among others.
Crypto whales have taken advantage of the recent downturn in altcoin markets to buy discounted Polygon (MATIC), Litecoin (LTC), and Apecoin (APE) tokens, potentially increasing confidence in the long-term viability of these projects.
